Home improvement refers to the alterations, modifications, improvements and repair of residential and non-commercial property. The industry encompasses the sale of building materials, appliances and decor to facilitate these renovations and upgrades as well as the provision of services by contractors, tradespeople and others. Home improvement has recorded excellent growth in recent years, especially during the COVID-19 pandemic when many consumers focused on renovating their properties.
It’s true that the more you put into your house, the more it usually has to offer when it comes time to sell. However, before you start putting in that new kitchen, it’s a good idea to consider why you want to make these changes. Renovating solely for the sake of increasing your resale value may not be worth it in the long run. Your comfort and enjoyment of your home should always come first.
If you want to upgrade your home for its own personal benefits, that’s fine too. You might need more space to accommodate your growing family or you could do with a nice outdoor area for entertaining. You may also want to invest in energy efficient options that will save you money on your utility bills.
The reasons for renovating your home are nearly endless. Some projects are relatively inexpensive and easy to do yourself, such as replacing worn doorknobs or repairing cracked sidewalks. More expensive projects might include adding a deck or fence, landscaping your yard or installing a new bathroom. The list of possibilities is almost limitless, but the return on investment for these types of home improvement projects can be quite high.
According to the American Housing Survey, homeowners surveyed reported spending over $522 billion on home improvement during the past two years. That’s up by about 115 million from the previous period. The majority of these homeowners spent their money on projects that add to the overall value of their homes.
During this time of economic uncertainty, it’s no surprise that many people are choosing to make upgrades and repairs to their home rather than move. Whether it’s to stay and enjoy their current residence or to improve its value before selling, they are finding satisfaction in making their home a better fit for their lifestyle needs.
Homeowners are utilizing several financing options to fund their home improvement projects. Cash from savings covers the majority of these projects, but more expensive options like mortgage refinancing or contractor arranged financing are common. Some homeowners even use credit cards to pay for projects.
If you’re considering a DIY project to upgrade your home, it’s best to consult experts for advice and tips. You should also consider the financial implications of your renovations, including the impact on your home insurance policy. If you increase the value of your home, you might need to update your coverage to reflect that. A reputable home insurance agency can help you determine the best course of action. It’s important to find a company that is licensed and insured, and that offers competitive pricing and reliable customer service.